Mortgage Rates Sharply Higher to Start The Month

Positioning and Data Deliver Double Whammy For Bonds There were no whammies last week as bonds drifted sideways to slightly stronger in a narrow range. The new week/month began with an unpleasant double whammy, unfortunately, due to positioning and economic data. Traders began selling in waves right out of the gate. The first two waves (8am and 8:20am) were best explained by traders closing out last week's 3.5-day weekend protections and other traders opening new positions for the month of April. Additional selling followed the stronger PMI data (both from S&P and ISM) which included higher price components. Longer-dated Treasuries fared much worse at first, but short-term yields closed the gap a bit by the afternoon. All told, 10yr yields jumped more than 12bps to close just over the 4.32% technical level. MBS lost roughly half a point by 4pm. Econ Data / EventsISM Manufacturing PMI50.3 vs 48.4 f'cast, 47.8 prev ISM Prices Paid55.8 vs 52.7 f'cast, 52.5 prev Market Movement Recap09:20 AM Roughly unchanged overnight, but sharply weaker since 8am, especially for the long end of the curve. MBS down 5 ticks (.16) and 10yr up 5.6bps at 4.257. 11:03 AM Bigger sell-off after ISM data. MBS down almost half a point. 10yr up 11.5bps at 4.316. 01:04 PM Fairly flat at the weakest levels. MBS down a half point. 10yr up 12.5bps at 4.326

April 1, 2024 Download our Mobile App: Download our Mobile App: MBS Commentary Positioning and Data Deliver Double Whammy For Bonds Positioning and Data Deliver Double Whammy For Bonds There were no whammies last week as bonds drifted sideways to slightly stronger in a narrow range. The new week/month began with an unpleasant double... (read more) Mortgage Rate Watch Mortgage Rates Sharply Higher to Start The Month March ended with a streak of some of the flattest day-over-day changes in mortgage rates on record. It was all but certain that the new week/month would bring a change to that sideways trend, but the reality has immediate and abrupt. Right at ... (read more) Rob Chrisman MERS, POS, AI Underwriting Products; Training and Webinars for the New Month In real Commentary news, many folks who read this Commentary are workin’ for a livin’, and many of them are managers. On a recent Truv Zoom call, Lower’s James Duncan opined on how things change within companies. As he put it, if change is driven fro... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.05% +0.14% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.05% +0.14 0.00 15 Yr. Fixed 6.50% +0.02 0.00 30 Yr. FHA 6.46% +0.07 0.00 30 Yr. Jumbo 7.35% +0.06 0.00 7/6 SOFR ARM 6.74% +0.13 0.00 30 Yr. VA 6.49% +0.08 0.00 Updates Daily - Last Update: 4/1 15 Yr. Fixed Rate 6.50% +0.02% Rate Change Points Freddie Mac 30 Yr. Fixed 6.79% -0.08 0.00 15 Yr. Fixed 6.11% -0.10 0.00 Updates Weekly - Last Update: 3/28 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.93% -0.04 0.60 15 Yr. Fixed 6.46% -0.03 0.75 30 Yr. Jumbo 7.14% 0.00 0.38 Updates Weekly - Last Update: 3/27 MBS / Treasuries UMBS 30YR 5.5 99.03 -0.46 Price / Yield Change MBS UMBS 5.5 99.03 -0.46 UMBS 6.0 100.57 -0.37 GNMA 5.5 99.52 -0.43 GNMA 6.0 100.60 -0.26 Pricing as of: 4/1 5:31PM EST 10 Year US Treasury 4.3147 +0.1139 Price / Yield Change US Treasury 2 YR Treasury 4.709 +0.087 5 YR Treasury 4.348 +0.125 7 YR Treasury 4.325 +0.114 10 YR Treasury 4.315 +0.114 30 YR Treasury 4.451 +0.108 Pricing as of: 4/1 5:31PM EST Latest Video Don't see a way for rates to come down after strong inflation data, says Ko... There's nothing in the data that will allow the Fed to cut rates in June, s... ISM manufacturing gauge tops expectations February pending home sales rise 1.6%, in line with expectations Around the Web Marketwatch Fears over persistent inflation resurface in U.S. Treasury market, ushering in volatility Calculated Risk Blog ICE Mortgage Monitor: The Impact of "Golden-Handcuffs" on Mortgage Payments Market Watch Treasury yield curve steepens as traders react to latest inflation data Market Watch Manufacturers show sign of revival as ISM index turns positive for first time in 17 months Calculated Risk Blog Housing April 1st Weekly Update: Inventory Up 0.9% Week-over-week, Up 26.0% Year-over-year CNBC U.S. Treasury yields search for direction after the long weekend Calculated Risk Blog Construction Spending Decreased 0.3% in February CNBC Rents across the U.S. grew for the first time in 6 months only Arizona saw price drops in every metro Calculated Risk Blog Final Look at Local Housing Markets in February Calculated Risk Blog NAR: Pending Home Sales Increase 1.6% in February; Down 7.0% Year-over-year Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 210,000 CNBC 2-year Treasury yield rises as investors mull interest rate outlook Calculated Risk Blog Q4 GDP Growth Revised Up to 3.4% Annual Rate

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